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<br /> <br /> <br /> ,I OF h <br /> JOHN RAY ; - - yWt~•,' Hilo Phone: (808) 961-8265 <br /> Councilman Fax: (808) %9-3291 <br /> Waimea Phone: (808) 885-5875 <br /> ~r <br /> sr. of ~o Fax: (808) 885-7184 <br /> OFF 'Ad <br /> COUNTY COUNCIL <br /> County of Hawaii <br /> Hawaii County Building <br /> 25 Aupuni Street <br /> Hilo, Hawaii 96720 <br /> <br /> <br /> <br /> March 6, 1998 <br /> <br /> <br /> TO: Council Members <br /> <br /> FROM: John Ray. <br /> Council Member <br /> <br /> RE Bill Authorizing the Issuance and Sale of General Obligation Bonds. <br /> <br /> In response to the discussions that occurred on Bill 180 ($40 million General Obligation Bonds), I <br /> am forwarding the attached bill, which authorizes the issuance and sale of General Obligation <br /> Bonds of the County of Hawaii. Specifically, the bill provides for the issuance and sale in the <br /> amount of $20,000,000 for public improvement projects. <br /> <br /> While I am concerned about our declining real property tax revenues, the uncertainty of the <br /> transient accommodations tax, and rising expenditures with minimal increase in our delivery of <br /> service, it is also clear that the County may be in greater jeopardy by not completing federal- and <br /> state-mandated projects in a timely manner. <br /> <br /> Therefore, this bill proposes to reduce the original requested amount of $40 million to $20 <br /> million. This decreased amount represents a more responsible approach to the numerous short- <br /> and long-term issues we are faced with. <br /> <br /> Thank you for your consideration. <br /> <br /> Attn. <br /> <br /> <br /> <br /> <br /> <br /> <br /> GOMM ] is. 75,6 <br /> P1{e No. e <br /> W. TO: CocJ^~ur_ <br /> <br /> 1l~t. Dat2AP 9 1998 <br />